Plugging in on this challenge because the misconceptions out there about Excellent Customer Experience are maaaannnny 🙌🏼🙌🏼
Customers unlike rain, chose the ground (Brand) they fall on..
In an era where organizations are paying for online reviews, how credible are online customer reviews in shaping prospect customers’ buying decisions-?
Customer reviews as we know them have been watered down, and no longer serve as the social proof for a brand’s credibility and trustworthiness, providing customers with valuable insights and reliability in the quality of products and services.
According to a recent study by Stanford University, 90% of customers who were socially influenced to purchase products based on online reviews, reported low product quality, expressed dissatisfaction and realized indirect costs in their shopping experiences.
According to a research by Poppei, 94% of prospect customers are converted through online customer reviews and testimonials. This has necessitated businesses to pay for online reviews to increase their search engine optimization, lure customers, and create a positive brand image for themselves.
One customer review on Amazon, cited that while 80% of products sold on Amazon are conversions from online reviews, these products are easily available elsewhere at a lower cost, one only needs to actively look.
Are your spending decisions highly premised on online Customer reviews?
The primary approach for loyalty programs is to have customers spend more, attract new and retain existing customers. Successful Loyalty programs are known to increase revenue between 5% - 25% annually according to a recent research by Oxfam. Nevertheless, 40% of Loyalty programs also fail within the first year of implementation.
This outcome is fanned by the complexities of the loyalty programs such as lack of proper awareness by businesses, limited redeeming options, and their time- based nature.
More so, most businesses have not leveraged on technology to enhance customer allegiance through data collection to understand customer spending habits. They mostly perceive customer rewarding programs from a point of increasing sales.
For something that customers have earned, they should have the liberty to have redeeming options that are not limited to a specific timeline.
Oxfam cited that the only way to know if your loyalty program is working is by participating in it. Would you be motivated to participate in it ? If not, then change it. Here are a few tips to make your customers happier about your rewarding/incentives program..
Redeem points for:
☑️Free deliveries
☑️Top up payments
☑️Make points transferable
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Put more effort in building healthy and meaningful customer relationships, don’t just assume customers want a relationship with you/your brand.
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We are changing the narrative around Customer Experience and Satisfaction by normalizing conversations around it.
The Customer Round Up is a segment that seeks to shed more light on various aspects of Customer Service and identify glaring gaps that need keen attention by businesses. It seeks to ask a series of random questions to random customers to have an insight of various customer experiences.
Our guest today is @l.o.i.s.e.daphne. Thank you so Loise much for gracing us with your presence for this segment.
Also, let us know in the comment section what aspects of Customer Service you think need improvement/keen attention.
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One such “image” is Confirmation bias - Tendency to seek information that validates one’s belief in something. For instance, a Customer may tend to believe that Price is the only true measure of quality.
Well, that in part is true, arguably. But the limiting belief that it is the only true measure exempts other features, by logic, such as durability, reliability, safety, and other factions that may not be quantifiable.
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That… and also why is my forehead competing for attention 🤨. We’ve come a long way though, it’s moving out next month 🙂
Customer Acquisition Cost (CAC) if not well calculated can be a source of business loss, and especially if the rate of customer churn is very high.
Customer Retention on the other hand is more sustainable and a true measure of business growth.
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